| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 0.125 |
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 12.4% | 13.7% | 15.3% | -7.3% |
AVI Global Trust delivered a +0.4% NAV increase in December 2025, driven primarily by Chrysalis Investments which added +43bps following news of proposed asset realisation. The fund maintains its focus on discount-to-NAV investing, with Samsung C&T emerging as a significant position representing over 5% of NAV. Samsung C&T serves as the Lee family's holding company for Samsung Group, with crown jewel assets Samsung Electronics and Samsung Biologics comprising 76% of NAV. Samsung Electronics has made material progress in HBM competitiveness, positioning it to capture 30%+ global market share in 2026. Samsung Biologics operates large-scale antibody manufacturing with 50% EBIT margins versus 20-25% for peers. The manager sees catalysts in South Korean governance reforms and Samsung C&T's upcoming capital allocation policy. Starling Bank within Chrysalis shows promise with its banking-as-a-service platform winning transformational deals. Despite strong 30% ROI performance in Samsung C&T, the manager remains excited about further upside potential across the portfolio's discount-to-NAV opportunities.
AVI Global Trust focuses on companies trading at discounts to estimated underlying net asset value, with particular emphasis on holding companies and closed-end funds where catalysts can drive discount closure over time.
The manager expresses optimism about Samsung C&T's prospects despite strong performance to date, generating an ROI of approximately 30% to the end of December 2025 in local currency terms. Considerable scope for further upside is seen in Chrysalis following successful engagement with the board.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 13 2026 | 2025 Q4 | 000660.KS, 004800.KS, 005930.KS, 028260.KS, 207940.KS, 4527.T, 6727.T, 9531.T, AVGO, CHRY.L, FRAS.L, J36.SI, NVDA, NWSA, VIV.PA | Biotechnology, Discounts, Holding Companies, Korea, NAV, semiconductors, technology, value |
CHRY LN 028260 KS |
Samsung Electronics has made material progress in improving HBM competitiveness, with latest HBM4 chips achieving top performance scores in Nvidia and Broadcom testing. The company… |
| Nov 13 2025 | 2025 Q3 | 028260 KS, NWSA | Balance Sheets, Buybacks, Corporate Actions, Discounts, value |
028260 KS NWSA |
The letter emphasizes value investing in asset-rich, cash-generative companies trading at discounts to intrinsic value due to complexity, governance issues, or cyclical pessimism. A focus… |
| Jul 2 2025 | 2025 Q2 | 4527 JP, 7912 JP, AKRBP NO, APO, CDI FP, DIE BB, ENT LN, GXI GR, NWSA, RKT LN | activism, catalysts, Closed-End Funds, Discounts, net asset value | - | The letter focuses on unlocking value in closed-end funds trading at persistent discounts to net asset value. Management highlights activism, corporate actions, and market catalysts… |
| Apr 30 2024 | 2025 Q1 | 6201 JP, GXI GR | - | - | - |
| Dec 31 2024 | 2024 Q4 | BOL FP, DIE BB | - | - | - |
| Sep 30 2024 | 2024 Q3 | CHRY LN, DIE BB | - | - | - |
| Jun 30 2024 | 2024 Q2 | RKT LN, SCHA NO | - | - | - |
| Mar 31 2024 | 2024 Q1 | - | - | - | - |
| Dec 31 2023 | 2023 Q4 | - | - | - | - |
| Sep 30 2023 | 2023 Q3 | SIHL LN | - | - | - |
| Jun 30 2023 | 2023 Q2 | BOJ, TURO | - | - | - |
| Mar 31 2023 | 2023 Q1 | AKRBP NO, APO, GROW LN | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
BiotechnologyHealthcare industry positioned for catch-up growth after several years of below-trend performance. Government spending expected to increase relative to feared cuts, with companies signaling improvement in revenue growth. Focus on 'picks & shovels' businesses serving the industry. |
Life Science Tools Pharmaceuticals CRO & CDMO Healthcare Research |
FinTechThe fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. |
Payments Digital Banking Financial Technology Data Analytics Financial Software | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
| 2025 Q3 |
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic |
| 2025 Q2 |
Discount |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Nov 13, 2025 | Fund Letters | Joe Bauernfreund | 028260 KS | Samsung C&T Corporation | Industrials | Industrial Conglomerates | Bull | New York Stock Exchange | Conglomerates, discount, Governance, Holdingcompany, NAV | Login |
| Nov 13, 2025 | Fund Letters | Joe Bauernfreund | NWSA | News Corporation | Communication Services | Media | Bull | NASDAQ | buybacks, discount, Governance, media, Sumofparts | Login |
| Jan 13, 2026 | Fund Letters | Joe Bauernfreund | CHRY LN | Chrysalis Investments Limited | Financials | Closed-End Funds | Bull | New York Stock Exchange | Activism, discount, Governance, NAV, Realisation | Login |
| Jan 13, 2026 | Fund Letters | Joe Bauernfreund | 028260 KS | Samsung C&T Corporation | Industrials | Industrial Conglomerates | Bull | New York Stock Exchange | biologics, Governance, Holdingcompany, semiconductors, Sumofparts | Login |
| TICKER | COMMENTARY |
|---|---|
| 000660.KS | SK Hynix has solidified its leadership in high-bandwidth memory (HBM), emerging as the exclusive HBM supplier for Microsoft's in-house AI accelerator and securing roughly two-thirds of NVIDIA's anticipated HBM4 demand for its next-generation platforms at meaningfully higher price points and margins than prior generations. |
| 004800.KS | Hyosung Corporation also detracting from returns |
| 005930.KS | Top gainers included Samsung (+38% in U.S. dollar terms) |
| 028260.KS | Samsung C&T is the de facto holding company through which the Lee family controls the wider Samsung Group. The company's NAV is effectively comprised of two crown-jewel businesses, Samsung Electronics (39% of NAV) and Samsung Biologics (37%), plus a few smaller listed stakes and an unlisted construction and trading business. We first initiated our position in Samsung C&T in June 2025, believing that the company exhibited many of the traits that we at AVI look for: 1) a robust, listed NAV that we felt was both undervalued and set to benefit from strong earnings growth, 2) an unduly wide -57% discount, and 3) a potential catalyst to close that discount through corporate governance reform in South Korea. |
| 207940.KS | Samsung Biologics manufactures antibodies on behalf of global pharmaceutical companies. These companies typically outsource production because building equivalent capacity would require billions in capital and years of regulatory approvals. The company generates 90% of revenues from large-scale antibody production. Larger antibodies can be produced at immense scale, enabling Biologics to benefit from very strong economies of scale through operational excellence. As a result, Samsung Biologics generates EBIT margins of 50% vs. peers at 20-25%. |
| AVGO | The primary contributors to its performance were our exposures to Broadcom |
| CHRY.L | AGT's largest position, Chrysalis Investments (CHRY), was the greatest contributor over the month, adding +43bps to AGT's NAV. Its share price rallied on the news late in the month that the company will put forward proposals that would, if approved by shareholders, see it pursue an orderly realisation of its assets. AVI, as the largest shareholder in CHRY with an 18% stake across its funds, welcomes the proposals which follow a period of constructive engagement with the board. |
| FRAS.L | Frasers Group also detracting from returns |
| J36.SI | our Asian investments performed strongly with Alibaba and Jardine Matheson up 63% |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| VIV.PA | Concerns over regulatory difficulties across group companies |
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